—(1) The Authority shall not register any applicant under section 35X unless the applicant —
is a company incorporated in Singapore;
has a paid-up share capital which is not less than such amount as may be prescribed; and
has in force a professional indemnity insurance policy, the cover of which is consistent with such limit and deductible requirements as may be prescribed.
(2) For the purposes of subsection (1)(b) and (c), the Authority may prescribe different amounts for different types of insurance brokers.
(3) In subsection (1)(c), “professional indemnity insurance policy” means a contract of insurance with an insurer under which a person is indemnified in respect of the liabilities arising out of or in the course of his business as an insurance broker.